27 East, Aug 7, 2008

The iconic 114-acre Two Trees Farm in Bridgehampton has been put on the market for $95 million. Tim Davis, a senior managing director at the Corcoran Group?s Southampton office, is the listing agent. The farm is currently the site of the annual Mercedes Benz Polo Challenge, but the future of that event is in question. The current owner of the farm, David Walentas, received preliminary approval last week from the Southampton Town Planning Board to subdivide the property into 19 lots with an agricultural reserve of 68 acres. If he completes the subdivision, however, the town insists that public polo matches will no longer be allowed. The historic dairy farm, where cows grazed up until the 1950s, was known for generations as the Carwytham Farm. It was run by the Baldwin family until Daniel Baldwin, a potato farmer who had added some stables and riding rings to the property, sold the land to Mr. Walentas for $2 million in 1993. Mr. Walentas, a Brooklyn-based developer, raises polo ponies and is a regular competitor at matches held on the farm, which he has kept as a country home. The property currently includes two houses, an eight-unit apartment building, three barns, two indoor riding arenas, two polo fields, a pool and a tennis court. Mr. Davis said that Mr. Walentas is ?absolutely not? planning to complete the subdivision and sell the individual lots. ?It?s being offered for sale as a total package,? he said, adding that the two existing houses and the potential for 17 more house lots of up to 2.5 acres each, six of which are pondfront properties, could make for a unique investment. ?It?s a very interesting opportunity for a user or a developer,? he said. ?That?s the backside of it being developed as a potential trophy property to use it as it is. ?They could be the owner of the farm and never develop it,? he said. ?It?s an ideal property for a developer to come in and plan out an equestrian community. It wouldn?t be a tough sell.? Last Updated Aug 7, 08 12:31 PM

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